MRG’s Proposed Heavy Mineral Sands Acquisition in MozambiqueA world class titanium province

*Subject to Shareholder and regulatory approval

DisclaimerThis presentation does not constitute investment advice. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction. This presentation does not take into account any person’s particular investment objectives, financial resources or other relevant circumstances and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. To the fullest extent permitted by law, MRG Metals Ltd does not make any representation or warranty, express or implied, as to the accuracy or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this presentation arising out of negligence or otherwise is accepted.

This presentation may include forward looking statements. Forward looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of MRG Metals Ltd . These risks, uncertainties and assumptions include commodity prices, currency fluctuations, economic and financial market conditions in various countries and regions, environmental risks and legislative, fiscal or regulatory developments, political risks, project delay or advancement, approvals and cost estimates. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, readers are cautioned not to place reliance on forward looking statements. Any forward looking statements in this presentation speak only at the date of issue of this presentation subject to any continuing obligations under applicable law, MRG Metals Ltd does not undertake any obligation to update or revise any information or any of the forward looking statements in this presentation only changes in events, conditions or circumstances on which any such forward looking statement is based.

Exploration Targets: It is common practice for a company to comment on and discuss its exploration in terms of target size and type. The information in this presentation relating to exploration targets should not be misunderstood or misconstrued as an estimate of Mineral Resources or Ore Reserves. Hence the terms Resource(s) or Reserve(s) have not been used in this context in this presentation. The potential quantity and grade of resource targets are conceptual in nature since there has been insufficient work completed to define them beyond exploration targets and that it is uncertain if further exploration will result in the determination of a Mineral Resource or Ore Reserve.

*Subject to Shareholder and regulatory approval

22

Number of shares

MRG Capital Structure Prior To the Proposed Transaction

Number of ordinary shares and listed options held by shareholders

667,196,639

667,169,639

175,000,000

394,368,284

394,368,284

175,000,000

MRG Capital Structure After the Proposed Transaction

Number of ordinary shares and options held by the vendors

Number of ordinary shares and options held by the shareholders

Number of options

667,196,639

842,169,639 569,368,284

394,368,284Total

Total

The Acquisition HighlightsA Corporate Transformation in the making…

*THM (Total Heavy Minerals) within 24 months of completion **Voluntary Vendor Escrow of 240M shares until >$100M MRG market cap within 30 months of completion

Vendor Payments

Deal Completion 175M shares 175M 1c options

JORC Resource 350MT @ >5%THM* 240M shares

Scoping Study with positive economics & Board Decision into PFS 480M shares**

About the “Prize” to be DeliveredAccess to property in world class province

- Largest Mineral Sands project in the world 10km to the north of Corridor Central- RIO/ Savannah Chilubane JV to the south of Corridor south- RIO/ Savannah JV Mutamba Project to the North of Linhuane- Surrounded by Multi-Billion dollar market cap players

Inexpensive and effective exploration program (airborne geophysics and drilling) Rapid path to JORC ResourceMinimum prize may be conservative.

Rapid Value Uplift Potential based on Peer ComparisonSavannah Resources Mutamba Project: Reserve 451mt@6%THM; 30 year mine life; IRR23%; Pre-tax NPV(10% Disc) of US$245M (refer slide 13)

A successful implementation will cost about 45% of MRG’s equity and US$2M over less than 2 years to generate multiple upside potential.

3

The Assets MRG are to Acquire from Sofala

POTENTIAL FOR A WORLD CLASS TIER 1 HMS PROJECT

Three Exploration Areas

(Under Application)

CORRIDOR CENTRAL & CORRIDOR SOUTH(Granted)

1

LINHUANE2

(Under Application)MARAO & MARUCCA3

*Corridor 1 Project 10 km North - Worlds largest HMS deposit with over $1 Billion dollar committed to date **Savannah Resources Mutamba Project (Reserve 451mt @6% THM with NPV of US 245 Million at scoping study)

Linhuane

Chilubane Project

Corridor 1 Project

Savannah Mutamba Project

4

The Mozambique Opportunity

• Significant tenure footprint: 100% owned, in a rich titanium sand province – with 631km² of Exploration Licences GRANTED and 360km² of Exploration Licences pending approval

• Globally significant Mineral Resource potential: defined by 35 drill holes at the Corridor Central and Corridor South tenements all showing significant mineralisation.

• Significant opportunity to add value: through low cost exploration activities over areas of known heavy mineral sand (HMS) mineralisation to discover large tonnage, high grade sweetspots and high unit value resources rapidly

• Project with scale: potential for long mine life mining asset under a number of staged mining and process scenarios. Mining and Processing all conventional

• High calibre team: proven history of company-making HMS discoveries and experience in Africa

• Unique knowledge of HMS prospectivity in Mozambique: Technical and strategic edge

5

World Class Neighbouring Deposits

• Rio Tinto is developing the Mutamba and Chilubane projects through a JV with Savannah Resources.

• The Government of Mozambique signed a $500m agreement (Dec 2013) with a Chinese firm to develop the Corridor Sands (Deposit 1) project immediately northwest of Sofala tenements. (Less than 10 km)

• Current updates indicate expenditure exceeding $1 billion*

• Chinese currently producing from Chibuto and trucking ore to Maputo over 200km distance

• Kenmare Resources currently operates the Moma mine on the northeast coast of Mozambique producing 800kt of ilmenite, 50kt of zircon and 14kt of rutile per year.

• Other mineral sands explorers and developers in Mozambique include Savannah Resources, Mozmin Resources, Regius Resources and Pathfinder Minerals.

*Mining News 5 April 2018

6

Sofala ManagementNot only assets, but access to a quality team.

MARK ALVINDirector

ADRIAN HILLDirector

ROBERT WALKERLegal RepresentativeMozambique

B.Sc Hons (Geol), Phd, MAusIMM, MSEG, MGSA

BRENDAN CUMMINSDirectorB.aSc Hons (Geol), MAIG, MSEG

• 20 years experience in mine and exploration geology covering Australia, south, east and west Africa, and the USA

• 12 years African experience in titanium sand exploration and project evaluation with Rio Tinto Iron & Titanium Inc.

• 7 years specific field and project

management experience in Mozambique (Portuguese language proficiency)

• Specialist in establishment and management of multi-faceted exploration teams in challenging environments

• Proven history of Tier 1 HMS discoveries in Mozambique

• 20 years experience in mine and exploration geology covering southern and east Africa, Australia and China

• Strong geological knowledge of industrial mineral, precious and base metal exploration

• Specialist in developing exploration assets through resource definition and feasibility study

• Proven history of discovery of HMS deposits in east Africa

• Chartered Accountant with 20 years experience in corporate finance and strategy, compliance and admin

• Director of Westoria Capital - resources focused investment and advisory group

• Director of ASX-listed and private unlisted mineral exploration companies

• Senior management roles in London with Credit Suisse First Boston and Natwest Markets

• Specialises in financing, structuring, evaluation and investment management

• Fellow of the Financial Services Institute of Australia

• Chartered Accountant with over 35 years experience in finance, taxation and auditing

• Senior Partner and Manager of PricewaterhouseCoopers in Mozambique (2001 – 2012), with oversight of multinational mining industry clients

• Member of the Institute of Chartered

Accountants in England and Wales (ICAEW)• Founding Member and current Executive

Board Member of the Mozambican Institute of Accountants and Auditors

• Resident of Mozambique for 16 years with full Portuguese language proficiency

7

Rising Mineral Sand Market

MDL currently subject to takeover bids at +AUD$350 Million

GLOBAL FEEDSTOCK SUPPLY/ DEMAND BALANCES AND OUTLOOK TO 2021

$350m MC

$192m MC $508m MC

$315m MC

8

Rising Mineral Sand MarketKey Drivers for Influencing the Mineral Sand Market in 2017 and beyond (Reg Adam - Artikol)

1. Growth in end-use demand: increased demand for paint, plastics decorative laminates and packaging paints with a serious lack of serious technical substitutes. Increase demand related to continued growing affluence of developing countries and

2. Available mineable deposits and upgrading facilities (smelters and syn-rutile plants): old mines drawing close to their producing lives, decreasing THM grade and lower value mineral assemblages. Larger Capital hurdles to replace or develop new mines tightening supply

3. Industry Structure: traditionally dominated by Iluka and Rio Tinto: the introduction of upstream vertical integration from newcomers like Tronox and Cristal who has sought their own supply has restricted the market for mineral sand suppliers relying on third party sales.

4. GDP growth – globally and also the major economies: The major economies including US, China, Japan, the EU, India, Brazil, Russia, Indonesia and Nigeria. Growth in GDP, in consumer incomes and in construction industry investment will have a positive impact on growth in the consumption of paint and plastics.

5. China going Green: Blue skies policy continues to close pigment plants and reducing the availability of environmentally acceptable TiO2 internally and externally

What happens as demand grows….

1. Increased MA Activity: - Iluka has been aggressive and positioning the Company for growth with a takeover offer for Kenmare Resources (Mozambique) and successful acquisition of Sierra Rutile in Sierra Leone - Both TiO2 dominant operations

- Base Resources proposed $100m acquisition of Ranobe Project from World Titanium Resources

- Evidenced by Eramet, $288 million USD takeover bid for Mineral Deposits Ltd, a 40% premium to prior trading.

2. Increase in risk profile: traditionally conservative majors and companies will accept more risk and look for their next acquisition in non traditional locations

3. Projects get funded: Sheffield Resources has secured a US$200m underwritten senior debt facility from Taurus Mining Finance.

4. Offtake Agreements: security of product becomes very important to end users. Willingness to directly invest in projects and secure long term offtake for the right projects

9

Sofala & HMS in Mozambique

• Sofala Resources established to secure prospective exploration projects in Mozambique. Company directors have an intimate knowledge of the mineral sands potential of the country, providing Sofala with a strategic competitive advantage.

• Mozambique is a developing country with an emerging exploration and mining industry. It has an extensive 2,700km-long coastline that has proven to be highly prospective for large titanium and zircon heavy mineral sand deposits.

• Modern HMS exploration commenced in the late 1980s, with discovery of deposits in Nampula (Namalope and Moebase deposits) and Gaza Provinces (Corridor Sands deposit). Tenure for HMS has been held by Western Mining Corporation & BHP Billiton (Corridor Project), Gencor, Anglo American, Iscor, Iluka Resources and Rio Tinto (various projects in Mozambique).

• Recent positive scoping study by Savannah Resources/RT JV on the Mutamba Mineral Sands Project based on a Mineral Resource of 450mt @ 6.0% THM and provides company making analogue for MRG.

AIM: SAV – Savannah Resources PLC Scoping Study 30 May 2017

10

Corridor Projects

Strategic location

• Corridor Deposit 1 – located 10km north, +$1 Billion recently committed to develop

• Savannah/ Chilubane Deposit – located 10km south

• Corridor Central comprises 179km2 covering palaeodunes known to host significant HMS mineralisation

• Very large high grade core with downhole grades up to 14% THM with high grades from surface to 60m, extending over an area of 5.5km x 1.2km

• Corridor South comprises 208km2 covering palaeodunes known to host significant HMS mineralisation

• Large high grade core with downhole grades up 7.4% THM extending over an area of 6.5km x 4.5km

First-pass RC drilling completed at the Corridor Central and Corridor South projects has yielded impressive total heavy mineral (THM) intervals that include:

Savannah Resources

11

Corridor Sands Deposit 1Case Study

Mineral Resources

• Sofala Resources’ Corridor Projects are located immediately south of the world class Corridor Deposit 1 (License 65L)

• Deposit 1 has 2.7 billion tonnes of JORC-compliant Measured and Indicated resources at 7% THM

• These resources comprise 107Mt of ilmenite - globally significant, potential +100 year mine life

Taken from WMC Resources Ltd fact sheet for the Corridor Sands Project

12

Corridor Project Direct Analogue for MRG

Note: Savannah current market cap of circa $100 million AUD with 20% project ownership at this time

Savannah Resources Plc Scoping Study metrics - Potential Analog (Management Base Case released from SAV on 30th May 2017)

• “Reserve” – 451mt @ 6% THM• Throughput 15mtpa• Ilmenite FOB $US204/t, Non Mags FOB US$275/t• 30 year mine life• IRR 23%• Pre-tax (10% disc) NPV of US$245m• Annual cash flow pre-tax US$41m. LOM pre-tax cashflow

US$1.35b• 5 year payback• Estimated (+/- 35%) CAPEX – US$ 226m = US$152m +

US$74m contingency, EPCM • Annually producing 2 products:

- 450kt of Roasted Ilmenite- 118kt Non magnetic concentrate – rutile and zircon

13

Corridor Projects – total drill database (1999-2002)Drillhole locations and average THM grade summaryEvery hole is mineralised

HoleId DrillholeTHMintersect(nocuts) HoledepthCS97 48m@3.7%THM 48CS98 54m@4.0%THM 54CS99 40m@3.2%THM 40

CS100 36m@5.2%THM 36CS101 63m@5.8%THM 63CS102 27m@4.7%THM 30CS103 48m@4.5%THM 48CS108 42m@4.4%THM 42CSEX22 93m@3.6%THM 93CSEX23 75m@3.4%THM 75CSEX24 54m@3.7%THM 90CSEX25 60m@4.6%THM 75CSEX26 69m@3.5%THM 81CSEX27 90m@3.5%THM 90CSEX28 66m@2.4%THM 90CSEX30 48m@4.4%THM 63CSEX31 30m@3.9%THM 75CSEX32 81m@3.6%THM 87CSEX33 30m@3.1%THM 81CSEX34 42m@3.4%THM 78CSEX35 18m@1.7%THM 78CSEX36 48m@4.5%THM 75CSEX37 42m@3.3%THM 75CSEX38 24m@3.1%THM 60CSEX39 42m@3.7%THM 60CSEX40 72m@3.5%THM 84CSEX41 87m@3.1%THM 87CSEX42 78m@3.0%THM 84CSEX43 60m@2.3%THM 78CSEX44 54m@2.7%THM 75CSEX45 78m@2.3%THM 78CSEX46 66m@2.1%THM 66CSEX47 30m@1.5%THM 63CSEX48 87m@3.1%THM 87CSEX49 87m@2.5%THM 87

Totaldrillstats35holesfor 2476Average holedepth 71

14

(Refer ASX announcement 11 May 2018)

Linhuane Exploration Project

• Linhuane project (7423L) is located in Inhambane Province, and comprises 113km2

• Includes 20km strike of prospective palaeodunal feature, defined by 100m topographic contour, adjacent to the present coast

• Immediately south of RIO/ Savannah JV Mutamba Project

• Open file reports indicate Rio Tinto conducted shallow reconnaissance exploration drilling within the license. Auger drill holes 500m apart on drill traverses 3km apart

• Summary results show very continuous zones of very high grade THM to depths of 10m ranging from 5% to 25% THM

• No drilling information below 10.5m depth

15

(Refer ASX announcement 11 May 2018)

Marao

Corridor 1

Corridor Central

Corridor South

Rio Tinto data

Marruca

Marao and Marruca Exploration Projects

• Open file reports show Rio Tinto undertook shallow reconnaissance exploration on a small portion of 6842L

• Grades between 1.5%-2.0% THM from surface to a maximum of 10.5m downhole, ending in 2.0% THM

• Significant result includes 9m @ 2.85%THM with slimes typically 10% or less

• Surface mineralisation extends up to 7km along strike with drillholes 1km apart along main vehicular tracks

• Combined prospective palaeodunal strike length of 75km, inland from an interpreted palaeoshoreline

• Extent of mineralisation was never systematically tested at depth or along strike

16

(Refer ASX announcement 11 May 2018)

Peer Comparison ‒ Clear Tier 1 Pedigree

Notes: Corridor Sands Deposit 1 data from Southern Mining Corporation Annual Report 2000. Projects with Operation, Feasibility, or Development status will have measured and indicated JORC-compliant mineral resources. Source is company websites. Sofala’s exploration target will be further developed, but parameters are known from drill data that extends the entire length of the project areas, with mineralisation extending from surface to >90m below surface, & representative mineral assemblage data. Density assumed as 1.8

Owner Project StatusResource - all categories (Mt)

Insitu Ilmenite (Mt)

Insitu Rutile(Mt)

Insitu Zircon(Mt)

Key Parameters Mineral Assemblage % THMHeavy Mineral (%)

Ilmenite (%)

Slimes (%)

Rutile(%)

Zircon(%)

Mineral Deposits Grand Cote Operation 1030 1.7 75 2.5 13.110.6 0.44 1.9

Operation 152.7 4.74 51.0 13.0 3.696.0 0.94 0.4326

Operation 7,160 2.90 81.9 1.9 1705.8 3.9 12

Operation 2.7 49.50 21.4 1.4 0.286.9 0.019 0.092

Operation 686.1 7.23 40.1 2.6 19.99.7 1.3 4.8

Developm’t 16,593 5.3 5316.4

Developm’t 959 6.10 72.2 2.3 42.2

318

5.6 1.34 3.274.22

Feasibility 346 5.00 54.6 3.0 9.443.0 0.52 0.52

Explorat’n TBD 4-7.5 >55 >0.3 TBD>2 TBD TBD20

Kwale

Moma

Tormin

Namakwa

Corridor Sands - Deposit 1

Ranobe

Xolobeni

Corridor Central & South

Kenmare Resources

Tronox

World Titanium Resources

Sofala Resources

Base Resources

Mineral Commodities

Anhui Foreign Economic Construction Group

Mineral Commodities

17

Development Strategy

• Enhance shareholder value through rapid delineation and development of ore deposits

• Apply the specialist knowledge of HMS in Mozambique

• Operate in a socially responsible way that is both beneficial and sustainable to the Mozambican community and environment

18

Proposed Exploration Plan

Results will guide budgets and timing but are anticipated to finalise Scoping Study/Preliminary Economic Assessment costs at the Corridor Projects

Drill campaigns and associated results to be ongoing and in parallel with results provided to market throughout timeline.

Activity Timing (months)Cost (US)

Airborne magnetic/ radiometric/ topographic survey (Commence July, 2018)

AC drilling and Auger drilling across other exploration targets - Q3 (2500m)

Metallurgical Testwork - Minibulk samples post AC phase

Resource Estimation - JORC compliant indicated + inferred

Metallurgical Testwork - 5-10t representative sample for benchscale testing, material performance, product characterization, roasting performance upgrading and marketability.

Scoping Study

Tenure payments, administration and exploration Management

TOTAL

Aircore drilling to define zones of high rutile + zircon and high grade HMS at the high priority Corridor Projects (5000m) - (includes drill, assay and local staffing, vehicles (Commence Q3 2018 and ongoing)

1 month$100k

9 months$750k

6 months$400k

2 months$50k

3 months$40k

4 months$160k

6 months$250k

Ongoing$250k

24 months$2m

19

Why Heavy Minerals?

• The mineral sands industry involves mining heavy mineral sand (HMS) identified in fossil beach and river environments. These deposits are primarily exploited for their titanium and zircon mineral content.

• Titanium minerals are commonly referred to as titanium feedstocks. Key titanium feedstocks include: ilmenite, rutile and leucoxene. Ilmenite can also be refined to produce feedstocks with higher titanium dioxide (TiO2) content such as high titania slag and synthetic rutile.

• Zircon is generally a smaller part of the HM suite, and attracts a higher price than titanium feedstocks. As a result, zircon provides a significant financial contribution to mineral sands operations.

• Titanium feedstocks are characterised by two primary product chains: TiO2 pigment and the titanium metal sector. TiO2 pigment production accounts for almost 90% of global titanium feedstock consumption. Titanium metal manufacture is the second primary feedstock consumer, while the balance of supply is used to produce welding electrode fluxes and titanium-based chemicals.

Source: TZMI titanium and zircon value chains, 2013

20

TiO2 Feedstock Usage

• TiO2 is considered a ‘quality of life’ product - its consumption increases as disposable income rises. It is predominantly added to high-quality surface finishes for opacity, brightness and whiteness. When incorporated in applications such as paint and coatings, TiO2 pigment extends the product life by absorbing and reflecting ultraviolet radiation that generally accelerates decomposition. It is non-toxic and inert to most chemical reagents.

• Titanium metal is the fourth most common structural metal in use. It is made from titanium feedstock and is sought for its corrosion-resistance, which makes it resilient against acids, aqueous alkali and halogen gases.

• Titanium has greater strength and a higher melting point than most other light metals. It has the highest strength-to-weight ratio of any metal. Commercial titanium has tensile strength as strong as common steel alloys while being 45% lighter.

• Titanium’s elevated melting point makes it preferred for a range of applications.

Source: TZMI titanium and zircon value chains, 2013

21

Zircon Market Supply Characteristics

• Zircon from existing producers declining due to depletion and decline in grade and assemblage

• Minor producers not sufficient to fill structural supply gap

• Inventory largely held in the hands on Iluka – can and will fill gap

• New zircon production dependent on co-product zircon from yet to be built TiO2 mines

Source: Iluka*Zircon production from 2016 onwards excludes any finished inventory held at 31 December 2015 but includes zircon

22

Evidenced by recent market dynamics

PRICING

• H1 2017 weighted average premium and standard received price up 7% relative to H1 2016

• Increase to Reference Price of US $130/t to US$1,100/t from 1 July 2017 announced

• Further price increase of US$130/t to US$1,230/t announced for 6 months from 1 October 2017

• “Inducement” pricing minimal with realized FOB price approaching reference price

SUPPLY AND DEMAND

• Reflects- Underlying market conditions - Restocking from depleted levels

• Increased demand for premium products• Moderate market growth expected• Limited ability for existing producers to

respond in short term

23

High Grade Feedstock Market

PRICING

• H1 2017 rutile prices up 4% relative to H1 2016 - 40% of SRL’s 2017 rutile production volumes (~60kt) contracted at fixed prices for 2017

• Successful implementation of US$70-100/t increase effective 1 July on uncontracted rutile volumes

• Pigment prices up ~10% since beginning of 2017 - typical lag of 6-12 months to feedstock price

PIGMENT MARKET UPDATE

• Broad-based, continuing improvement in chloride pigment market

- commentary of above trend demand Continued restocking of depleted pigment inventories - feedstock demand expected to exceed underlying market conditions

• Potential for pigment plants to increase high grade feed (rutile and synthetic rutile) to deliver higher plant output

24

Global Titanium Feedstock Pedigree

Australia and Africa are the largest titanium feedstock producing regions. They also produce more than half the global zircon production. Mozambique a great opportunity.

25

Contacts

12 Anderson Street West, Ballarat, VIC 3350

(03) 5330 5800

info@mrgmetals.com.au

www.mrgmetals.com.au

MRG Metals Ltd

26